Acadian Asset Management Inc.

Core business

• A holding company that operates a systematic investment management business primarily through its majority-owned subsidiary, Acadian Asset Management LLC (Acadian LLC).
• Acadian LLC is a U.S. registered investment adviser that provides investment advisory and sub-advisory services to institutional clients worldwide.

Assets under management and scale

• Total AUM as of December 31, 2025: approximately $177.5 billion (Product section) and approximately $178 billion (Overview).
• Invests across a universe of 65,000+ securities from more than 150 global markets.
• Employs over 100 investment and research professionals and offers a broad range of investment products and strategies.

Investment strategies and product lines

• Key product lines and capabilities:
  • Emerging Equity
  • Non-U.S. Equity
  • Global Equity
  • Small Cap Equity
  • Enhanced Equity
  • Equity Extensions
  • Systematic Credit
  • Alternatives
• Uses a fundamentally grounded, data-driven, highly structured approach with emphasis on research, signal development, and portfolio construction.
• Offers enhanced strategies aimed at attractive risk-adjusted returns and high-conviction extensions (e.g., 130/30-type constructs).

Revenue model and fee structure

• Revenue is primarily derived from management fees based on AUM and, for some products, performance-based fees.
• Acadian LLC distributes earnings to the holding company; Acadian’s revenue and profitability depend on Acadian LLC’s earnings, cash flows, and distributions.
• The company reports fee pressure and potential changes to fee structures as industry dynamics evolve. A meaningful portion of revenue is concentrated in a limited set of strategies.

Clients, distribution and geography

• Distribution channels:
  • Institutional clients account for over 80% of AUM.
  • Sub-advisory and wealth/other channels account for the remaining roughly 20% of AUM.
• Client types include pension funds, sovereign wealth funds, endowments, foundations, and other institutional investors; services are provided directly and through investment consultants/advisors, insurers, OCIOs, and FoFs.
• Clients are domiciled in more than 40 countries as of December 31, 2025.
• Principal operations and offices: Boston (headquarters), with secondary offices in London, Singapore, and Sydney, among others.
• Client concentration:
  • Top five client relationships represented about 14% of run-rate gross management fee revenue.
  • Top 25 clients represented about 33% of run-rate gross management fee revenue.

Corporate structure and governance

• Parent company: Acadian Asset Management Inc. (formerly BrightSphere Investment Group Inc.; name changed effective January 1, 2025).
• Major operating subsidiary: Acadian LLC (U.S. registered investment adviser).
• Ownership: Paulson & Co. Inc. and related parties held 21.8% of the common stock as of December 31, 2025.
• Paulson has the right to appoint one director so long as it holds at least 7% of outstanding common stock.
• The certificate includes an exclusive forum provision for certain stockholder actions (Delaware Court of Chancery).

Employees and human capital

• As of December 31, 2025, the company had 396 full-time equivalent employees; 20 are at the holding company.
• No employees are represented by a collective bargaining agreement.
• The company emphasizes competitive compensation and benefits, and focuses on pay equity and diversity.

Technology and risk management

• Employs advanced technological capabilities, including AI-assisted investment processes and a fully automated trading and compliance system.
• Maintains comprehensive risk management with a Management Risk Committee (MRC), CTO, CISO, and IT department; performs periodic third-party penetration testing and manages vendor risk.
• Key risks include dependence on Acadian LLC distributions, market and credit risk, concentration across a few strategies and clients, regulatory changes, cyber and data privacy risks, and potential conflicts of interest.

Regulations and compliance

• Acadian LLC is regulated by the U.S. SEC under the Investment Advisers Act and may be subject to the Investment Company Act, CFTC rules, ERISA, FINRA, and relevant non-U.S. regulators (UK FCA, MAS in Singapore, ASIC in Australia, etc.).
• Expanding non-U.S. distribution could require additional regulatory registrations and compliance measures.

Financial history and capital actions

• The company completed substantial share repurchases, repurchasing approximately 58% of outstanding shares from 2020 to 2025.

Key cautions

• Revenue and profitability are dependent on Acadian LLC’s ability to generate earnings and make distributions.
• AUM and fee concentration across a limited set of strategies and clients create exposure to concentration risk.
• The business faces potential regulatory, tax, and geopolitical risks across multiple jurisdictions.

Summary

Acadian operates an institutional, data-driven, systematic investment platform through Acadian LLC, managing roughly $177.5–$178 billion in AUM across equity, credit, and alternatives strategies. The firm serves a global institutional client base, maintains a workforce of nearly 400 employees, emphasizes research-driven investment processes and advanced technology, and derives revenue primarily from asset-based advisory fees and distributions from Acadian LLC.